variable benefits – Benefits Canada.com

Top 5 HR, benefits, pension and investment stories of the week

lbailey — Fri, 16 Feb 2024 14:00:05 +0000

An article on the Canada Revenue Agency’s guidance for how employers must determine the province of employment for remote workers was the most-read story on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the week: 1. CRA clarifying how employers must determine province of employment for remote workers 2. Quebec’s amendment […]

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Quebec’s amendment to unlocking rule for VBAs, LIFs providing retirees 55+ with financial flexibility: expert

lbailey — Fri, 09 Feb 2024 14:00:14 +0000

The Quebec government’s removal of the maximum annual amount that can be paid to people aged 55 and older with a variable benefit account tied to a defined contribution pension plan or with a life income fund is part of a broader push to provide retirees with more flexibility to draw on their locked-in retirement savings […]

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Expert panel: Risk management, target-benefit framework among themes shaping pension industry in 2024

bwolfe — Tue, 16 Jan 2024 14:00:02 +0000

While it’s impossible to predict exactly how pension case law will evolve in future, one can offer an educated guess at some legislative developments and other issues that may confront pension plan sponsors and administrators in the coming year. Risk management Plan sponsors can expect a continued focus on risk management as a key part […]

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Back to basics on decumulation

Jennifer Paterson — Fri, 17 Nov 2023 13:52:15 +0000

While the term decumulation may sound very technical and often leads to confusion among pension plan members, it’s actually quite simple — effectively, it’s the opposite of accumulation. These two terms make up the typical retirement savings journey — the accumulation phase is the working years when capital accumulation plan members put away their nest […]

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2023 DC Investment Forum: How longevity risk pooling can help DC plan members meet their retirement income needs

Jennifer Paterson — Mon, 06 Nov 2023 12:55:57 +0000

Larry, a hypothetical defined contribution plan member, is facing a difficult calculus as he prepares to retire. Between his personal and DC plan savings, he’s accumulated $620,000 in savings for his retirement and is also expecting roughly $1,000 a month from the Canada Pension Plan and $650 in old-age security benefits. He has to determine […]

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Saskatchewan Pension Plan expanding variable benefits to all members

bwolfe — Wed, 25 Oct 2023 19:00:15 +0000

The Saskatchewan Pension Plan is expanding its variable benefit option to all retiring plan members across Canada. The option, which was previously only available to Saskatchewan-based plan members, allows for continued investment choice and income flexibility, according to a press release, which noted members who opt for the variable benefit can consolidate funds by transferring […]

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Getting to know Shannan Corey and the Saskatchewan Pension Plan

Sadie Janes — Fri, 15 Sep 2023 12:56:06 +0000

Working in the pension industry has always been aligned with Shannan Corey’s personal interests and values. Her father was an actuary so she was exposed to the pension industry from a very young age. After earning her mathematics degree at the University of Saskatchewan, she became an associate actuary, spending a few years in consulting […]

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2023 DC Plan Summit: A look at McGill University’s search for a comprehensive decumulation solution

bwolfe — Fri, 12 May 2023 12:48:31 +0000

While McGill University has factored decumulation into its pension plan for decades, the plan sponsor is continually fine tuning these strategies for members, said John D’Agata, the university’s director of pension and benefits, during a session at Benefits Canada‘s 2023 DC Plan Summit. McGill’s pension plan has more than $1.5 billion in assets and more than 9,500 […]

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ACPM calling on feds, CAP sponsors to increase focus on decumulation

bwolfe — Wed, 30 Nov 2022 20:00:52 +0000

The Association of Canadian Pension Management is calling on the federal government and capital accumulation plan sponsors to support members’ financial wellness by focusing on decumulation. In a new white paper, the ACPM proposed the creation of a “retirement dashboard” that informs retirees of their available sources of retirement income — including government retirement benefits, […]

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A look at the Co-operators Group’s new decumulation offering

mdunne — Fri, 19 Nov 2021 13:58:31 +0000

One, as Harry Nillson crooned in his classic breakup song, can feel like the loneliest number. At the end of working life, many retirees with defined contribution pension plans can be left feeling alone and confused — cut off from their plan sponsors and pension administrators and sent out with their savings accounts into the […]

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